Product life cycle (PLC) is the course of a product that product’s sales and profits over its lifetime. It involves five distinct stages; such as-
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- Drop shippers
Drop shippers- who do not carry inventory or handle the product. On receiving an order, drop shippers select a manufacturer, who then ships the merchandise...
Broker refers to a wholesaler who does not take title to goods and whose function is to bring buyers and sellers together and assist in negotiation.
- Product Development
Product Development involves the substantial modification of existing products or the creation of new but...
- Customer value analysis
Customer value analysis– an analysis conducted to determine what benefits target customers value and how they rate the relative value of various competitors’ offers.
- Management contracting
Management contracting refers to a joint venture in which the domestic firm supplies the management know-how to a foreign company that supplies the capital...
- Common law
Common law is the body of law arising out of judicial decisions, some of which can be traced back to early England.
Introducing a new product into the market and it will face high costs is refers to Commercialization.